Historic firm in administration

The firm manufactures material used for parachutes

A 105-year-old Lancashire firm which manufactures parachute material has gone into administration.

Perseverance Mills, based in Burnley and Padiham, has brought in a team of accountants to run the company until a buyer can be found.

The firm, which employs 205 people, developed a unique outdoor fabric called Pertex, which is used worldwide for clothing and equipment.

PKF accountants says Perseverance struggled with competition from abroad.

About 70% of the company's business comes from exporting goods.

Philip Long, from PKF, said: "As administrative receivers we are looking to trade the business as a going concern.

"The directors were trying to sell the business and have been in talks with a number of interested parties."